Mega Thread >>COVID-19 DISCUSSION THREAD<<

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Stock market which had crashed to around 4600 is now back up over
6000. AUD dollar which dived to 57c is now 69c. Discretionary spending which fell off a cliff at end of March by 13% is now up 26% upon the welfare programs kicking in. These are strong indicators of confidence in economic outlook. With the fiscal injection taking effect many industries are thriving - supermarket sales, online retail sales, food delivery and home improvement all up over 60%. There are many industries still to reopen but when they do the fiscal stimulus will encompass them too. Unemployment bad has lag effect to industry so much to do and our link to China and USA are each problematic for economic outlook but we are well placed better than most to emerge in strong recovery. Hardly dipped our little toe in the pond that was to consume us all and we are already showing precursors of economic recovery. To some the horror ‘story’ is more compelling than objective truth
 
puke said:
Stock market which had crashed to around 4600 is now back up over
6000. AUD dollar which dived to 57c is now 69c. Discretionary spending which fell off a cliff at end of March by 13% is now up 26% upon the welfare programs kicking in. These are strong indicators of confidence in economic outlook. With the fiscal injection taking effect many industries are thriving - supermarket sales, online retail sales, food delivery and home improvement all up over 60%. There are many industries still to reopen but when they do the fiscal stimulus will encompass them too. Unemployment bad has lag effect to industry so much to do and our link to China and USA are each problematic for economic outlook but we are well placed better than most to emerge in strong recovery. Hardly dipped our little toe in the pond that was to consume us all and we are already showing precursors of economic recovery. To some the horror ‘story’ is more compelling than objective truth
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Ffs, please don't. Your embarrassing yourself.
 
puke said:
Stock market which had crashed to around 4600 is now back up over
6000. AUD dollar which dived to 57c is now 69c. Discretionary spending which fell off a cliff at end of March by 13% is now up 26% upon the welfare programs kicking in. These are strong indicators of confidence in economic outlook. With the fiscal injection taking effect many industries are thriving - supermarket sales, online retail sales, food delivery and home improvement all up over 60%. There are many industries still to reopen but when they do the fiscal stimulus will encompass them too. Unemployment bad has lag effect to industry so much to do and our link to China and USA are each problematic for economic outlook but we are well placed better than most to emerge in strong recovery. Hardly dipped our little toe in the pond that was to consume us all and we are already showing precursors of economic recovery. To some the horror ‘story’ is more compelling than objective truth
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Perhaps before patting yourself on the back you should wait to see what happens when jobkeeper finishes, jobseeker halves, loan holidays end and people can no longer grab 10k of super to spend how they like.
 
brad cooper said:
Perhaps before patting yourself on the back you should wait to see what happens when jobkeeper finishes, jobseeker halves, loan holidays end and people can no longer grab 10k of super to spend how they like.
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Interesting you perceived it as patting myself on the back. I didn’t. Was quoting facts. I also mentioned if you care to read closely that there is a way to go and the signs are precursors so in context you are right to suggest waiting. But I have a reasonable idea what pumping several hundred billion dollars does to an economy and that’s excluding state stimulus on top. It’s almost as though you people want it terrible. Smh.
 
Kapanis said:
Can you pm me, my Mum lives on the central coast as does her accountant, advising her financially. Just want to know if it's you so I can advise her what action to take, thanks.
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does her accountant give medical advice? if not you are ok
 
“The Reserve Bank Governor said on Tuesday that with encouraging health news, a stabilisation of hours worked and an upturn in consumer spending that the slump may not prove to be as bad as first expected”

Bear in mind that the fiscal stimulus is slated to be progressively introduced spanning 6 months and we are only 2 months in with positive impact already then it can be expected that should it be maintained that the economy will have strong basis for rebound. Given lockdown is most strongly felt in the June quarter it won’t be enough to prevent recession (which by definition can only be claimed evident then) but I suspect it will be enough for a quick turnaround in September quarter

I think the government would be foolhardy to withdraw the stimulus (job keeper or job seeker) too early. There is fragility in the recovery which will be damaged otherwise. There needs to be stimulus simultaneous with reopening segments of the economy so they get trampoline effect too.

The reserve bank governor supported retention of fiscal stimulus programs for duration mindful of that fragility and uncertainty.

The only policy criticism that I’ve heard is from Kevin Rudd who argued that job keeper should have been introduced before the lockdown announcement not after and secondly that a tapered withdrawal of welfare programs should occur rather than the off a cliff 6 month line in sand.

I think they are probably appropriate criticisms but at the same time an eye must be kept on budget blowout so you can understand the government thinking on this issue. Besides we are still a long way from the cliff so a transition policy may still be contemplated yet unseen

Kapanis should I pass on to Phillip Lowe (reserve bank governor) that you think he too is embarrassing? Though different major we are from same alumni B Comm Uni of NSW. Apparently they produce such poor accountants from that place. Some expert on big footy told me so
 
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The King! said:
accountants cant really give financial advice anyway
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A CA/CPA professionsl accountant completes both 3-4 years of uni & 3 (or more) years on top to get qualified... then quite a solid committment to ongoing continuing professional development throughout their careers (as required by the fairly strict code of conduct they are bound to).... Yet idiots with a TAFE certificate can be "financial advisers" & get a tax agent registration & steal those clients from under the Accountants nose because they can give more forward/frank advice... go figure.
 
puke said:
Kapanis should I pass on to Phillip Lowe (reserve bank governor) that you think he too is embarrassing? Though different major we are from same alumni B Comm Uni of NSW. Apparently they produce such poor accountants from that place. Some expert on big footy told me so
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😂😂😂
At least you’re getting an insight into how Dr Fauci feels when dealing with The Don. Glysol anybody?
 
GotTheGoodes said:
A CA/CPA professionsl accountant completes both 3-4 years of uni & 3 (or more) years on top to get qualified... then quite a solid committment to ongoing continuing professional development throughout their careers (as required by the fairly strict code of conduct they are bound to).... Yet idiots with a TAFE certificate can be "financial advisers" & get a tax agent registration & steal those clients from under the Accountants nose because they can give more forward/frank advice... go figure.
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Never agreed with it was always frustrating
 
GotTheGoodes said:
Has it really Sats? ... :neutral:
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I've always been more of a Cthulhu/Kill everyone kind of guy.

latest
 
GotTheGoodes said:
A CA/CPA professionsl accountant completes both 3-4 years of uni & 3 (or more) years on top to get qualified... then quite a solid committment to ongoing continuing professional development throughout their careers (as required by the fairly strict code of conduct they are bound to).... Yet idiots with a TAFE certificate can be "financial advisers" & get a tax agent registration & steal those clients from under the Accountants nose because they can give more forward/frank advice... go figure.
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Tax planning should really be included in the CA/CPA program, as it's a separate subject in its own right.
 
RW said:
Tax planning should really be included in the CA/CPA program, as it's a separate subject in its own right.
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I was probably more getting onto it should go the other way... It should be a specialty & build on top of and above CA/CPA level.

Like you can get a bachelor in medicine & be a GP and stay there or go above & beyond, doing 5 years extra etc, and become a surgeon or something.

I sell the fact I can't (& won't) give advice as being a positive. I can't swindle you. I am impartial, not aligned with anything that isn't in your very best interests. I give you facts & help you achieve your goals.... Not like a financial planner or broker would. Simple.

The integrity of Accountancy hinges on that high level of trust & ethics which frankly most financial planners do not compare. They are tarnishing the industry & the image of good, clean, ethical, hard working Accountants with their poor quality work, poor quality/self-promoting advice & general flippancy as to aspects & outcomes of the clients that underpin our whole business model...

Aaannnyyywaaaayyyy....

How bout that COVID huh? Bugger isn't it?
 
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